Hefty fines for Deutsche Bank, Capitec | Fin24
 
  • Cadre Cover

    The ANC is planning to launch a funeral policy scheme for members and supporters.

  • VBS Collapse

    Ramaphosa has acknowledged South Africans' impatience to see justice done.

  • Fin24’s newsletter

    Sign up to receive Fin24's top news in your inbox every morning.

Loading...

Hefty fines for Deutsche Bank, Capitec

Feb 20 2015 11:42

Deutsche Bank (File, AP)

Company Data

CAPITEC BANK HOLDINGS LIMITED [JSE:CPI]

Last traded 1095
Change -5
% Change 0
Cumulative volume 148069
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

India central bank clamps down on 'lazy banking'

Barclays to cut bonus pool to below £2bn

Banks to issue smart ID cards

NY banking regulator probing forex manipulation

Deutsche Bank lawyer found dead

Moody's downgrades big five SA banks

 

Update: This article has been updated with Capitec's response.

Johannesburg - South Africa has fined Germany's Deutsche Bank R10m ($857 743) for not having appropriate anti-money laundering measures, the central bank said on Friday.

The central bank also said in a statement that it fined a local bank Capitec Bank [JSE:CPI] R5m for failing to comply with security laws.

Under the law, banks are required to have verifiable customer identity details and to also report cash transactions above R25 000 to the Financial Intelligence Centre (Fica), which fights the funding of terrorism.

Deutsche confirmed in a statement that it did not fully comply with law.

Capitec, which failed to report cash transactions above R25 000, said in a statement due to an oversight in Fica reporting, Capitec Bank did not comply with the cash threshold reporting requirements outlined in Fica.

It had however resolved the Fica error.

"The error was detected by the compliance department of Capitec Bank and reported to the Reserve Bank. It was corrected immediately and all outstanding information submitted to the Financial Intelligence Centre."

Capitec confirmed  that an administrative sanction was imposed on principle by the Reserve Bank in the form of a R5m penalty.

CEO Gerrie Fourie said it was an error in reporting and "the bank fully understood the need for the Reserve Bank ruling".
 
“We support the objectives of Fica and in no way facilitated any form of money laundering. We have also not prejudiced any client in any manner,” the bank said.

capitec  |  deutsche bank  |  banks
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
9 comments
Comments have been closed for this article.
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What's your view on deep sea mining?

Previous results · Suggest a vote

Loading...